Flights have been grounded, malls, museums and restaurants closed since February in many parts of the world as the coronavirus (COVID-19) outbreak rampages, leaving many airlines gasping for air.
In Asia, the number of flights have decreased by over 75% compared to the level at the beginning of the year, according to data compiled by International Air Transport Association (IATA). Many air carriers – including the region’s best known names ranging from Singapore Airlines [SGX:C6L] to Cathay Pacific [HKG:0293] – are struggling to keep their balance sheets sound.
But as stock market bloodshed makes equity fundraising more difficult, some have turned to governments and existing shareholders for help.
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– by Jessica Wong and Wong Ka-chun in Hong Kong, Maggie Lu in Sydney, Robert Lo in Taipei and Norie Hata in Tokyo